what is meant by leave travel allowance and how it is calculated
Answers
Answer:
Leave travel allowance is given by a employer to his employee
Leave travel allowance may be calculated as follows
The exemption available only in respect of 2 journeys performed by the individual along with his family in a block of 4 calendar years if any one of the 2 journeys unavailed the individual can carry it to the next but he has to complete the same in the first year itself
MONETARY EXEMPTION
1)If individual is travelled by air-only economy fair of the national carrier by the shortest route to the destination
2)if he opts for rail-Maximum of the fair which is fixed for the 1st class A/C
3)IF rail service is not available
Recognised public transport system-amount not exceeding the first class or deluxe class fare as the case may be pr such transport by the shortest distance to the place of destination
If no recognised service is also available-Amount equivalent to the air conditioned first class rail fare,for the distance of the journey by the shortest route,as if the journey had been performed by the rail